Sushila Jagnani, New Delhi vs ITO WARD - 40(5), New Delhi

This case involves an appeal by Mrs. Sushila Jagnani against an Income Tax Officer's addition of Rs. 95,000 to her income for the assessment year 2016-2017. The addition was made because Mrs. Jagnani failed to provide details and explain the source of her investment in intraday share transactions. The Assessing Officer noted payments of Rs. 70,000 and Rs. 25,000 made to a broker, as reflected in her bank statements, but without a satisfactory explanation of the source, the amount was added to her income.

IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCHES “SMC-II” : DELHI
BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER
AND
SHRI O.P. KANT, ACCOUNTANT MEMBER
ITA.No.7415/Del./2019
Assessment Year 2016-2017

Mrs. Sushila Jagnani,
30, Harsh Vihar,
Pitampura, New Delhi
PIN – 110 034
PAN AEFPJ3632Q
(Applicant) 

[vs.

The Income Tax Officer,
Ward – 40 (5),
Room No.1814, 18th Floor,
E-2 Block, Dr.
S.P.Mukherjee Civic
Centre, New Delhi – 002.
(Respondent)

For Assessee : Ms. Sonia Jagnani, C.A.
For Revenue : Shri Prakash Duby, Sr. DR
Date of Hearing : 08.12.2020
Date of Pronouncement : 15.12.2020

ORDER

PER BHAVNESH SAINI, J.M.

This appeal by Assessee has been directed against the Order of the Ld. CIT(A)-14, New Delhi, Dated 17.06.2019, for the A.Y. 2016-2017, challenging the addition of Rs.95,000/-.

2. We have heard the Learned Representative ofboth the parties through video conferencing and perused the material on record.

3. Briefly the facts of the case are that assessee filed return of income declaring income of Rs.68,651/-. The assessee was asked to furnish details of investment made in security transaction along with its source. The assessee did not furnish details in respect of investment made in security transaction. The A.O. issued show cause notice seekingexplanation of assessee, in response to which, assesseefurnished only copy of the computation and bankstatement. The A.O. noted that assessee has traded in intraday share transactions and has made payment ofRs.95,000/- on two occasions [Rs.70,000/- + Rs.25,000/-] to broker M/s. S.S. Corporate Securities Ltd., as reflected in bank statements of Federal Bank Ltd., A/c. No.xxx3755. ince the assessee failed to explain the source of investment of the above payments, therefore, A.O. made addition of Rs.95,000/-.

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